A key feature of the new growth theory is the assumption of
A) diminishing returns to labor.
B) diminishing returns to knowledge.
C) no diminishing returns to knowledge.
D) no diminishing returns to labor.
C
Economics
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A perfectly competitive firm will produce at an economic loss (negative profit) in the short run rather than discontinue production if there is a rate of output at which price
a. exceeds average variable cost b. exceeds average fixed cost c. exceeds average total cost d. exceeds marginal revenue e. equals marginal cost
Economics
If a competitive firm is operating at its efficient scale, then is the firm's profit positive, zero, or negative?
Economics